At that, thanks to the favorable exchange rate of the azeri manat, the market result in euro looks even more impressive (growth by 38.79%). Besides, total paid claims slightly decreased by 0.88% y-o-y and amounted to AZN 186.91 million.
Rapid growth of GWP was recorded by life insurance (+89.72%). The biggest contribution to the market GWP was made by voluntary classes, where the insurers generated AZN 414.9 million (73%), while compulsory classes generated AZN 153.6 million (27%). In terms of paid claims the shares of voluntary and compulsory classes amounted accordingly to 73.5% and 26.5%, as FIMSA informed. Distribution of shares between life and non-life segments evolved y-o-y. The share of the life segment went up from 36.73% to 46.26%, and the share of the non-life segment, in contrast, dropped from 63.27% to 53.74%.
The Azeri market is represented by 21 insurers and 1 reinsurer. The unchangeable leader is PASHA life Insurance, with its market share of 36.8%, followed by PASHA Insurance (19.04%), and these 2 insurers together accumulate more than 50% of the market, while the shares of other companies stay below 8%.
*EUR 1 = AZN 2.0077 (30.09.2017)
**EUR 1 = AZN 1.9799 (30.09.2018)
Access www.xprimm.com, and download 3Q2018 Azerbaijan insurance market statistics.